Belize Telemedia Limited held its annual general meeting on Thursday, September 25, and based on the company’s performance it was another good year for the company’s shareholders. Among those shareholders is the Public Sector Worker’s Trust which is receiving a handsome 0,735.68.
It has been two months since the trustees of the Public Sector Workers Trust were making their media rounds trying to explain what it is that will be done with the money that has accumulated over 17 years since the trust began accumulating money. At the time of those rounds however, there were more questions than answers which arose out of the rounds and two months later there is still no clear picture as to what will happen with the money of the trust.
There are a number of outstanding issues that need to be addressed, chief among them is the fact that the trustees nor the protectors have made no effort whatsoever to determine who the beneficiaries of the trust should be. There is also the lingering question as to what the financial status of the trust is. The figure 5.5 million dollars is being tossed about as to how much the trust should have in its coffers but the truth is that there is no telling since there has been no financial statement that has been made public.
Meanwhile with an additional almost two hundred thousand dollars in the coffers of the trust it brings the worth to almost 5.7 million dollars yet the beneficiaries are getting nothing off it. The trust itself took 17 years to be established and it is hoped that the same amount of time is not expended in trying to determine who the beneficiaries are. Already the trustees of the fund are claiming that the money will be used to finance “projects’ yet those projects have not been identified and the trustees are not saying how the projects will benefit ALL the beneficiaries.
For the time being we keep monitoring the progress of the fund and like public officers who had their salaries frozen between 1995 and 1997 wonder when it is that the protectors (the president of the PSU and BNTU) will announce what will happen with the now over 5.7 million dollars of the fund. Already there is that beneficiaries are coming together in an effort to legally sort this one out.
